Nike Boosts Quarterly Dividend 17%

By Maria Armental 

Nike Inc. plans to raise its quarterly dividend by 17%, marking the 13th consecutive year the athletic retailer has increased its payout.

The dividend, which will be increased to 28 cents from 24 cents, is payable on Jan. 5.

The Beaverton, Ore., company reported higher quarterly sales in September as athletic clothing continues to cross over to casual gear and even workplace attire, in what some refer as "athleisure."

Nike has used expensive sponsorships to increase its market share in sports like soccer, where Nike outfitted 10 World Cup teams this year, including the U.S. squad. In basketball, the company recently spent heftily to keep NBA star Kevin Durant, thwarting a bid from rival Under Armour Inc.

Nike was added to the Dow Jones Industrial Average last year. The stock, up slightly in recent after-hours trading, set a 52-week-high on Thursday at $97.70 before closing at $97.30.

Write to Maria Armental at [e-mail]

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